Lately, when trying to write up my results I use terminology from classical political economy. The table below maps some terms from classical political economy to terminology for marginalists. Terminology ClassicalMarginalistUse valueUtilitySupplyQuantity suppliedDemandQuantity demanded(Normal) profitsInterestExtra profits(Pure) economic profitsSupernormal profitsMarket pricesShort run pricesNatural pricesLong run pricesPrices of production I probably am leaving some important mapping out. Nuances, at least, exist to distinguish between entries in rows in the tables. And maybe it depends on which classical or marginalist economist you read, and which of their works. I think the first row is the most questionable.
Topics:
Robert Vienneau considers the following as important: Interpreting Classical Economics, Vocabulary
This could be interesting, too:
Robert Vienneau writes Adam Smith, David Ricardo, And The Labor Theory Of Value
Robert Vienneau writes Adam Smith On A Labor Theory Of Value
Robert Vienneau writes A Derivation Of Prices Of Production With Linear Programming
Robert Vienneau writes Precursors Of The Modern Revival Of Classical Political Economy
Lately, when trying to write up my results I use terminology from classical political economy. The table below maps some terms from classical political economy to terminology for marginalists.
Classical | Marginalist |
Use value | Utility |
Supply | Quantity supplied |
Demand | Quantity demanded |
(Normal) profits | Interest |
Extra profits | (Pure) economic profits |
Supernormal profits | |
Market prices | Short run prices |
Natural prices | Long run prices |
Prices of production |
I probably am leaving some important mapping out. Nuances, at least, exist to distinguish between entries in rows in the tables. And maybe it depends on which classical or marginalist economist you read, and which of their works. I think the first row is the most questionable.